J & N JOINERY LTD
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Company registration number NI073170
Date
Approval date of the accounts by the board 11/03/2024
Date
Date of signing on the audit/accountants report 11/03/2024
Date of engagement letter (required for Date
CA and ACCA reports)
Person signing directors' report:
Name of director James Campbell
Or, name of secretary
Name of director signing balance sheet James Campbell
Address of registered office:
Address line 1 9 Hazel Bank
Address line 2 Kilkeel
City or town Newry
County or region Co Down
Postcode BT34 4WG
Name of senior statutory auditor
Name of auditors/accountants Michael Grant and Co
Type of firm (eg Chartered Accountants) Accountants
Address of auditors/accountants
Address line 1 3 Greencastle Street
Address line 2 Kilkeel
City or town Newry
County or region Co Down
Postcode BT34 4BH
Prior year adjustments (+ for a gain; - for a loss) £
Correction of prior year errors
Effect of retrospective changes in accounting policies
More info on prior year adjustments
Number Number
Average number of persons employed by the company 5 3
Freehold land & buildings if
revalued amounts shown in trial balance: £ £
historical cost
cumulative depreciation based on cost
Historical cost of fixed asset investments £ £
Investments in subsidiaries
Other investments
£ £
Amounts due after more than one year included in debtors
Amounts included in creditors falling due for payment
after more than five years: £ £
Payable otherwise than by installment
Payable by installment
£ £
Secured bank loans included in creditors
Capital commitments: £ £
contracted
Total future payments due under non-cancellable £ £
operating leases
Registered number
NI073170
J & N JOINERY LTD
Filleted Accounts
31 July 2023
J & N JOINERY LTD
Registered number: NI073170
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 20,000 20,000
Tangible assets 4 728,364 663,497
748,364 683,497
Current assets
Stocks 3,610 2,610
Debtors 5 89,316 101,753
Cash at bank and in hand 371,898 202,456
464,824 306,819
Creditors: amounts falling due within one year 6 (157,101) (137,759)
Net current assets 307,723 169,060
Total assets less current liabilities 1,056,087 852,557
Creditors: amounts falling due after more than one year 7 (12,792) (19,771)
Net assets 1,043,295 832,786
Capital and reserves
Called up share capital 2 2
Profit and loss account 1,043,293 832,784
Shareholders' funds 1,043,295 832,786
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
James Campbell
Director
Approved by the board on 11 March 2024
J & N JOINERY LTD
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Motor vehicles 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 20,000
At 31 July 2023 20,000
Amortisation
At 31 July 2023 -
Net book value
At 31 July 2023 20,000
At 31 July 2022 20,000
Goodwill is not being written off.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 August 2022 628,355 45,212 37,152 710,719
Additions 69,170 2,450 - 71,620
At 31 July 2023 697,525 47,662 37,152 782,339
Depreciation
At 1 August 2022 - 32,361 14,861 47,222
Charge for the year - 2,295 4,458 6,753
At 31 July 2023 - 34,656 19,319 53,975
Net book value
At 31 July 2023 697,525 13,006 17,833 728,364
At 31 July 2022 628,355 12,851 22,291 663,497
5 Debtors 2023 2022
£ £
Trade debtors 544 20,458
Other debtors 88,772 81,295
89,316 101,753
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 39,288 44,433
Obligations under finance lease and hire purchase contracts 6,979 6,980
Trade creditors 9,907 11,307
Corporation tax 77,405 52,045
Other taxes and social security costs (79) (2,397)
Other creditors 23,601 25,391
157,101 137,759
7 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 12,792 19,771
8 Other information
J & N JOINERY LTD is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
9 Hazel Bank
Kilkeel
Newry
Co Down
BT34 4WG
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